Nigeria’s Senate President Ahmad Lawan says the 9th National Assembly will strike a balance of positions of various interest groups as it works towards the passage of the Petroleum Industry Bill (PIB).
Lawan gave the assurance on Thursday when he met with the Chairman, Oil Producers Trade Section(OPTS) in Nigeria, Mike Sangster.
He said the National Assembly will deliver a balanced legislation and create a conducive environment not only to sustain existing investments but also encourage the establishment of new businesses to make it a “win-win” situation for all key players.
The Senate President however expressed concerned about the cost of oil production in Nigeria; hoping that the when the PIB is passed, costs will reduce
According to Lawan, while it costs $5 to produce a per barrel of oil in Saudi Arabia; it costs about $30 to produce same in Nigeria.
Lawan expressed optimism that with the PIB making more funds available to host communities; Nigeria will enjoy some measure of peace and security in the Niger Delta.
The visiting OPTS chairman said his group welcomed government’s efforts to modify the PIB but also looks forward to a legal framework that will sufficiently protect their business interest by addressing issues of production costs, dispute resolutions and security in the Niger Delta.